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Here’s The Scoop … PAYING IT OFF …. ASAP …..

November 23, 2009 by Barbara

“The Commission voted tonight to pay off the General and Capital LOANS ASAP”…Town Manager Esther Colon 9/14/09

Dear Readers… This writer received a Public Records Request last week on the two promissory notes the Commission voted to pay off on September 14, 2009 at the Special Budget Meeting…

The meeting was adjourned at 6:50 pm …per the online minutes found under Special Meetings … http://www.lauderdalebythesea-fl.gov/town/spc-meetings-09.htm

At 8:41 pm Town Manager sent an e-mail to Shawn Sackman at Sun Trust Bank/ Cc to Kaola King; Anderson. Greg (Kaola King is the LBTS Finance Director)

“The Commission voted tonight to pay off the General and Capital LOANS ASAP.”

“Please provide pay off amounts so that checks can be disbursed and delivered tomorrow to Greg.”

“Thanks”

……………………………..

On Tuesday Sept. 15, 2009 at 3:25pm Sean Sackman sent a response e-mail to Esther Colon/ Cc Kaola King; Anderson. Greg; Marasco. Charles

“Esther -please see enclosed loan payoffs as of today.”

“Obligor 40097403

Obligation #26 (Capital)

Rate 4.30%

Renewal Date 05/28/03

Maturity Date 09/26/11

Current balance $2,617, 986.72

Interest accrued thru 9/09/09 $24,697.87

Prepayment Penalty $61,988.93

Payoff as of 9/15/09; $2, 704,673.52″

” Obligation # 109 (General)

Rate 4.10%

Renewal Date 10/12/2005

Maturity Date 09/30/2020

Current Balance $3, 210, 999.29

Interest accrued thru 9/09/09 $27, 427.29

Prepayment Penalty $232,473.93

Payoff as of 9/15/09: $3,470, 901.19″

………………………………………………..

So there you have it…the answer to all the questions many had if any negotiation was taken for the prepayment of $294, 462.86…There was none!…

The Town Manager went back after the meeting …which ended at 6:50 pm and in less than 2 hours (at 8:41 pm) she sent the 2 line unsigned e-mail stating ….

“The Commission voted tonight to pay off the General and Capital LOANS ASAP.”

“Please provide pay off amounts so that checks can be disbursed and delivered tomorrow to Greg.”

No doubt if pressed,  this Town Manager will respond to why there was no action taken to negotiate. She will say that the Commission gave her the direction to pay if off and she did as she was directed…..$$$$$$$$$$$$$ …Now, she listens to them!…OUCH!!!.

more to come………..

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